(To read more on the multifamily market, click here.)
PHOENIX-With the condo market pushing full throttle, a local limited liability company has acquired the 216-unit Springs at Yorkshire for $24.25 million from the property's Santa Monica, CA-based developer.
As the transaction moved from negotiation to escrow to close, potential condo owners were eager to purchase, according to Robert Chester with locally based Realty Executives, who represented all parties in the deal. "Even before the close of escrow, the new owners had received 100 reservations for the condos," Chester tells GlobeSt.com.
Seller of record, Yorkshire 216 Holdings LP, brought the 2929 W. Yorkshire Dr. complex to market for $20 million. "Eleven offers came in within a week," Chester says. Windsor Yorkshire LLC was chosen because the buyers own similar properties in the Phoenix area and are familiar with the condo market.
While the new owner is not planning major upgrades to the property, upgrades are offered to condo owners as part of unit sales. "They can either take the unit as-is or have the option of a $10,000 or $12,000 upgrade," Chester says.
Situated on 14.33 acres, the 15-year-old Springs at Yorkshire was pushing 95% occupancy at sale time. The complex has 88 one-bedroom units, ranging from 712 sf to 798 sf; 100 two-bedroom apartments, 1,000 sf to 1,269 sf; and 28 three-bedroom designs, 1,289 sf to 1,494 sf.
While the buyer has moved into acquiring more multifamily properties in the Phoenix market, the seller turned over his last multifamily property in his portfolio, according to Chester. "He's not doing much in the multifamily market here right now," he adds, explaining the seller's focus has turned to raw land and retail.
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